Boralex Inc Cl A (BLX) AI Stock Analysis

• Market Cap: C$2.62B
• Dividend Yield: 2.62%
• Average Volume (3M): 386.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.75
• Revenue Growth: -11.91%
• EPS Growth: -132.41%
• Country: CA
• Employees: 822
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): -0.26
• Shares Outstanding: 102,755,000
• 10 Day Avg. Volume: 345,914
• 30 Day Avg. Volume: 386,736
• PEG Ratio: -1.52
• Price to Book (P/B): 1.84
• Price to Sales (P/S): 3.46
• P/FCF Ratio: -12.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$35.00
• Price Target Upside: 37.09% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: C$24.50 ▼(-4.03% Downside)

Boralex Inc Cl A's overall stock score is primarily impacted by its financial challenges, including declining revenue and high leverage. Technical indicators suggest a bearish trend, and valuation metrics are weak due to negative earnings. While the earnings call provided some positive developments, financial pressures remain significant.

Positive Factors

Project Development and Expansion

The expansion of project capacity indicates Boralex's commitment to growth and strengthens its position in the renewable energy sector, ensuring future revenue streams.

Strong Market Position in France

Securing new projects in France highlights Boralex's competitive edge and reinforces its market presence, which is crucial for long-term growth in a key region.

Increased Liquidity

Improved liquidity provides Boralex with greater financial flexibility to invest in new projects and manage debt, supporting sustainable business operations.

Negative Factors

High Debt Levels

Rising debt levels can strain financial resources and limit strategic options, posing risks to long-term financial health and operational stability.

Declining Revenue and Profitability

Decreasing revenue and profitability indicate challenges in market conditions and operational efficiency, impacting the company's ability to generate sustainable profits.

Negative Cash Flow Metrics

Negative cash flow growth suggests difficulties in generating cash from operations, which could hinder investment in growth initiatives and debt servicing.

Boralex Inc Cl A Business Overview & Revenue Model

Company Description

Boralex Inc., together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities primarily in Canada, France, and the United States. As of December 31, 2021, the company had interests in 90 wind power stations with an installed capacity of 2,032 megawatts (MW); 16 hydroelectric power stations with a capacity of 181 MW; 12 solar power stations with an installed capacity of 244 MW; and one thermal power station with an installed capacity of 35 MW. It also operates two hydroelectric power stations on behalf of R.S.P. Énergie Inc. Boralex Inc. was incorporated in 1982 and is headquartered in Kingsey Falls, Canada.

How the Company Makes Money

Boralex generates revenue primarily through the sale of electricity produced from its renewable energy facilities. The company operates on a long-term power purchase agreement (PPA) model, which guarantees fixed or predictable prices for the electricity generated, providing stable cash flows. Key revenue streams include contracts with utility companies and other large customers, as well as government incentives and subsidies for renewable energy production. Additionally, Boralex may engage in the sale of renewable energy credits (RECs) and carbon credits, further enhancing its income. Strategic partnerships with local and international stakeholders in the energy sector also bolster its operational capacity and market reach, contributing to its financial performance.

Boralex Inc Cl A Financial Statement Overview

Summary

Boralex Inc Cl A faces challenges with declining revenue and profitability in the TTM, alongside high leverage and negative free cash flow. While operational margins remain strong, the company needs to address its cash flow and leverage issues to improve financial health.

Income Statement

Boralex Inc Cl A has shown fluctuating revenue growth with a recent decline in TTM (Trailing-Twelve-Months). Gross profit margins have been strong historically but have decreased in the latest period. The net profit margin has turned negative in the TTM, indicating profitability challenges. EBIT and EBITDA margins remain healthy, suggesting operational efficiency despite the net loss.

Balance Sheet

The company has a high debt-to-equity ratio, indicating significant leverage, which poses a risk. Return on equity has been low, reflecting limited profitability relative to shareholder equity. The equity ratio suggests a moderate level of equity financing compared to total assets.

Cash Flow

Operating cash flow has decreased significantly in the TTM, impacting the company's ability to cover net income. Free cash flow is negative, indicating cash outflows exceeding inflows, which is a concern for financial stability. The free cash flow to net income ratio is also negative, highlighting cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	817.00M	853.00M	1.02B	836.00M	691.00M	633.00M
Gross Profit	289.00M	358.00M	642.00M	578.00M	538.00M	482.00M
EBITDA	512.00M	534.00M	517.00M	406.00M	476.00M	410.00M
Net Income	-23.00M	36.00M	78.00M	30.00M	17.00M	55.00M
Balance Sheet
Total Assets	7.64B	7.60B	6.57B	6.54B	5.75B	5.31B
Cash, Cash Equivalents and Short-Term Investments	353.00M	592.00M	478.00M	361.00M	259.00M	275.00M
Total Debt	4.63B	4.30B	3.62B	3.61B	3.91B	3.77B
Total Liabilities	5.68B	5.58B	4.55B	4.51B	4.54B	4.32B
Stockholders Equity	1.53B	1.60B	1.63B	1.68B	1.00B	989.00M
Cash Flow
Free Cash Flow	-368.00M	-237.00M	216.00M	257.00M	166.00M	206.00M
Operating Cash Flow	347.00M	215.00M	496.00M	513.00M	345.00M	362.00M
Investing Cash Flow	-969.00M	-578.00M	-268.00M	-684.00M	-433.00M	-247.00M
Financing Cash Flow	619.00M	479.00M	-109.00M	261.00M	75.00M	-413.00M

Boralex Inc Cl A Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 25.53
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLX, the sentiment is Neutral. The current price of 25.53 is above the 20-day moving average (MA) of 24.75, below the 50-day MA of 26.16, and below the 200-day MA of 28.72, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 53.71 is Neutral, neither overbought nor oversold. The STOCH value of 71.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BLX.

Boralex Inc Cl A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
PIF	58 Neutral	C$249.25M	-15.39	-4.69%	7.11%	8.26%	-267.17%
BEP.UN	56 Neutral	C$25.68B	-30.76	-5.58%	5.56%	14.78%	-9.37%
AQN	54 Neutral	$6.53B	―	2.04%	4.32%	-4.72%	96.98%
NPI	53 Neutral	$4.68B	-16.45	-7.06%	6.80%	-4.86%	-86.64%
LCFS	50 Neutral	C$147.84M	10.62	8.55%	―	-30.92%	―
BLX	47 Neutral	C$2.62B	-114.02	-1.47%	2.62%	-11.91%	-132.41%

Boralex Inc Cl A Corporate Events

Boralex Appoints New Executive VP for Europe to Drive Strategic Growth

Boralex Inc. has appointed Jean-Christophe Dall’Ava as Executive Vice President and General Manager for Europe, succeeding Nicolas Wolff. Dall’Ava, who has been with Boralex since 2014, is credited with pioneering the company’s strategy in the French power purchase agreements market. His appointment is expected to bolster Boralex’s integrated and diversified industrial model in Europe, reinforcing its leadership in France and expanding its growth platform in the UK. This strategic move aligns with Boralex’s commitment to delivering competitive renewable energy and achieving a net-zero trajectory by 2050.

Boralex Reports Q3 2025 Results and Advances Major Renewable Projects

Boralex Inc. announced its third-quarter results for 2025, highlighting a decrease in EBITDA, operating income, and net earnings due to unfavorable weather conditions in North America and lower prices in the French market. Despite these challenges, the company reported higher production compared to the previous year, driven by newly commissioned sites in Europe. Boralex also made significant progress in its development projects, including the commissioning of the Apuiat wind farm in Québec and advancements in battery energy storage projects in Ontario. The company continues to expand its project portfolio with new solar and wind projects in the United States and France, positioning itself for future growth in the renewable energy sector.

Apuiat Wind Farm Launches, Ushering in a New Era for Quebec’s Renewable Energy

The Apuiat Wind Farm, a 200 MW facility developed through a partnership between the Innu communities and Boralex Inc., has commenced commercial operations in Quebec’s Côte-Nord region. This project, the first large-scale wind farm in the area since 2018, marks a significant milestone in Quebec’s renewable energy landscape. It highlights the Innu’s first national energy initiative and is set to provide substantial economic benefits, including royalties and local employment, while supporting Quebec’s energy needs. The project also emphasizes shared governance and the development of Indigenous expertise, setting a precedent for future energy projects in the region.

Boralex Strengthens Board with New Appointment

Boralex Inc. announced the appointment of Ted Di Giorgio to its Board of Directors, highlighting his extensive financial expertise and leadership experience in various industries. This strategic addition is expected to enhance the board’s capabilities, supporting Boralex’s ongoing growth and reinforcing its position as a leader in the renewable energy sector.